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We’ve energised our service — here’s why

By Alastair Douglas

Jan 31st 2020

It’s an exciting time for TotallyMoney, as we’ve just launched our brand-new energy-switching service. Like many credit report providers, our credit report has always shown customers the energy provider they’re with. Now, we’ve also added energy switching to our service to make switching easier than ever, helping each of our three million customers save on average £260 a year.

Our customers can now complete their Energy Profile — an exclusive feature only available at TotallyMoney. They only need to complete it once and, as soon as they have, customers are constantly kept up to date with their best energy deals, and know exactly when it’s time to switch. TotallyMoney’s Energy Profile works quietly in the background for customers and removes the hard work traditionally associated with switching. But, what does this have to do with credit scores?

Fifteen million UK adults have checked their credit score

Credit scores and credit reports were initially the domain of lenders, designed to simplify how they assess a consumer’s creditworthiness. They weren’t made with the everyday person in mind, nor did the everyday person really care about them — not unless they needed to buy a house or find out why they’d been rejected for credit.

However, things have changed in the past five years. Today, half of UK adults have signed up to at least one free credit report service, more than half of our three million customers are checking their score on a regular basis to understand their financial position, and these customers know what they need to do to improve and move on up to a better financial future.

Our credit report makes your data work for you

Core to our service is making sense of data so customers can make financial decisions with complete confidence. That’s why our Credit Report Analysis breaks down credit scores to tell people what they’re doing well and what they can do to improve. But, that’s just one way we’re making total sense of financial essentials for our customers. We introduced Best Match to tell our customers not only what we think is their best borrowing option for them, but also to improve the outcome of their borrowing decisions and ensure they never pay more than they need to.

All of this is made even more valuable for our customers thanks to the seamless integrations we’ve developed with lenders. Things like pre-approval and guaranteed rates give customers the confidence that they’ll not only be approved for the card or loan they want, but also the confidence of knowing the exact rate they’ll get before they apply. These integrations are important to TotallyMoney, as they achieve our goal of being totally transparent with our customers, and we’ll be doing a lot more of them in the future. These features also provide the answers our customers need to take their next best step.

That’s why we’re proud that our energy-switching feature delivers on the same promise: to tell customers upfront their cheapest switching options, how much they can save, and prevent them from entering into a cycle of paying more than they should. Customers can complete a money-saving switch in as little as two minutes, in just a few clicks from their dashboard.

Energy switching brings us even closer to achieving our mission

The number one financial goal for our customers is to pay off debt quicker, and having a little more money in their pockets can make all the difference, even if it’s just making day-to-day living that little bit easier. Nevertheless, our money-saving energy-switching service isn’t the only route to becoming debt-free and improving our customer’s financial footing — nor is it the only route towards achieving our goals.

Telling our customers how to improve their credit score, telling our customers what their best borrowing option could be, and telling them how to get the best energy deal all pivots on our mission to help people move on up to a better future and improve their financial standing. It gives control back to the consumer, debunks misconceptions, and makes things genuinely easy for them. Gone are the days where customers have to navigate the winding paths of credit scores, consumer finance, and energy markets, because we do all the hard work behind the scenes to give them the answers they’re looking for.

This is really just the beginning for TotallyMoney. We’re totally transforming the way credit reports and financial data currently work for customers — for free, forever.

We're on a mission to improve the UK's credit score and help people move on up to a better future.

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